Thursday, May 31, 2012
Tuesday, May 29, 2012
Americans’ Perspective on Home Ownership Shifts
Americans’ Perspective on Home Ownership Shifts
Home ownership is getting more emotional than it used to be. A new survey by Coldwell Banker Real Estate finds that Americans are increasingly saying that the real value of home ownership is emotional, not financial. That marks a stark contrast from Americans’ perspectives on home ownership during the housing boom, in which they mostly viewed it as a financial venture.
Home ownership is getting more emotional than it used to be. A new survey by Coldwell Banker Real Estate finds that Americans are increasingly saying that the real value of home ownership is emotional, not financial. That marks a stark contrast from Americans’ perspectives on home ownership during the housing boom, in which they mostly viewed it as a financial venture.
Friday, May 25, 2012
Tuesday, May 22, 2012
What Does It Take to Get a Loan Today? A Lot!
What Does It Take to Get a Loan Today? A Lot!
What Does It Take to Get a Loan Today? A Lot!
One of the biggest obstacles home buyers are facing is qualifying for financing, and a new report by the Federal Reserve shows exactly how big of struggle potential borrowers face.
According to a new Federal Reserve report surveying banks, the report found that most banks say they are a lot less likely to issue a mortgage to borrowers with a FICO credit of 620 and a 10 percent down payment than they were in 2006 during the housing boom.
“A moderate net fraction of banks were less likely to originate loans to borrowers with a FICO score of 680, regardless of down payment size,” the report also said. “A modest net fraction of banks were less likely to originate loans to borrowers with a FICO score of 720 and a 10 percent down payment, although survey respondents indicated that they were about as likely to originate loans now as they were in 2006 if such borrowers had a down payment of 20 percent.”
So while mortgage rates continue to sink to new record lows, many home buyers are finding they can’t always qualify for the low rates.
As a recent New York Times article about the Federal Reserve’s report illustrates: “A borrower with a credit score of 720 can expect a rate of 3.70 percent on a 30-year, $300,000 fixed-rate mortgage ... while someone with a score of 620 to 639 can expect a 5.07 percent rate — or an extra $242 per monthly payment.”
Source: “How to Pump Up Your Credit Score,” The New York Times (May 17, 2012)
Monday, May 21, 2012
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Tuesday, May 8, 2012
Monday, May 7, 2012
Thursday, May 3, 2012
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